Fin-sec, How Low Can You Go On Fuel?

We also took the opportunity to ask the Financial Secretary if the fuel prices will go down any further. The Prime Minister had promised that the price at the pumps would go down by mid-October.

By October 7th, regular dropped by 84 cents, and by October 28, the price fell by another 16 cents, to its current price of $10.13 per gallon. For diesel, the price dropped by 13 cents on October 24th, and the pump price is now $9.50 per gallon.

Today, the Fin Sec said that's as low as those two will go:

Reporter"Are we looking for a continuous reduction in prices in the next few months? What is the outlook there."

Joseph Waight - Financial Secretary"The next item to come is premium gasoline, which comes from a different source. It does not come from Petrocaribe. We expect that price to go down in, in pretty much the same way as the regular gasoline, 2 or 3 weeks ago. Beyond that, it depends on what the world prices look like, but it's not an immediate translation of world prices unto our - given the small amounts that we buy in the scheme of things. Our importation is a fraction of the world supply. So, what happens is we don't - and transportation costs are high. We have to pay for small boat - we don't have. And per unit cost is much higher."

Daniel Ortiz, reporter"The price of fuel went down recently, as far as you're aware, is this the lowest it will reach at this time?"

Joseph Waight"Looking at the world [prices], I think we have plateaued. Hopefully, it goes down some more, but it all depends on what happens international. There could be a scare in Iraq, or Iran, or something, and boom, it goes back up again."

The price of premium is expected to go down when the next shipment arrives. Right now, a gallon of premium costs $11.92.

Just last night we told you how the price of regular fuel had gone down to ten dollars and 13 cents - which was down by 16 cents. But, it didn't last long, at midnight tonight, Regular is going up by 27 cents to ten dollars 40 cents per gallon.

Belizeans have become accustomed to gas prices changing frequently. Tonight we can report that there has been an adjustment in the prices of diesel and kerosene. Those who buy diesel will see a savings of thirteen cents with the new price being nine dollars and eighty-eight cents from ten dollars and one cent while persons purchasing kerosene will be able to save nine cents with the new price for kerosene being six dollars and thirty-one cents from six dollars and forty cents. Premium gasoline and Regular gasoline remains at $11.24 and 10.18 a gallon respectively.

Fuel Prices Going Up For Easter

Fuel prices are going up at midnight - so if you are driving anywhere for Easter, you might want to fill up that gas tank right after the news.

Premium gas is going up by 15 cents to $11.39 per gallon; Regular is going up by 43 cents to $10.61 per gallon; while diesel is going up by 25 cents per gallon to $10.13 per gallon. Kerosene is increasing by 24 cents per gallon.

Only nine days after the last gas price increase, Belizeans have been hit with another, this one sending the price of Regular fuel to a staggering $11.04 per gallon.

The Belize Bureau of Standards announced on Tuesday, that the price would go up on April 25. The initial announcement said that the new adjusted prices would be $11.06 for Regular, and $10.70 for Diesel; however, the BBS issued a statement less than a half hour later, stating that the Minister of Finance had recalled the first set of prices, and provided a revised price list.

The revised list sent Regular fuel up by 39 cents from $10.65 to $11.04 per gallon, and Diesel up 48 cents from $10.01 to $10.49.

Premium and Kerosene remained unchanged at $11.39 per gallon and $7.87 per gallon respectively. The adjustment makes the sixth price adjustment for 2018, with the majority of those adjustments sending the cost of fuel upwards. The increase in Diesel puts an end to a short-lived reduction seen on April 14, when the price went down 12 cents from from $10.13 to $10.01.

The new adjusted prices puts Diesel on the upward path to $11 a gallon; a path that Regular has been on since gas prices began rising in February 2017, and finally reached this year. It remains to be seen if the price of Premium will begin its assent to $12 per gallon. Last year, Financial Secretary, Joseph Waight, noted that gas prices had gone as low as they would go, and that any future adjustments would push prices upwards.

Fuel prices will go up once again. According to the Ministry of Finance, the new prices will come into effect at midnight. The new price of premium will be eleven dollars and thirty-six cents, a decrease of three cents, regular gasoline went up by ten cents with the new price being eleven dollars and fourteen cents, diesel also increased by eleven cents with the new price being ten dollars and sixty cents and kerosene went down by twelve cents with the new price being seven dollars and seventy-five cents a gallon. The release said that the increase is due to a steady increase in world oil prices over the past few weeks due to an increase in demand for the summer months. However, the release said that the Government has engaged with the key importer, PUMA, to rationalize the delivery cost of the supply into Belize. As a result, there have been decreases in the prices of Premium and Kerosene. Further, the release stated that the Government of Belize is concerned, however, that recent developments in the Middle East and Iran, as well as the announcement of further sanctions against Venezuela, will result in a significant increase in world oil prices. The release ended by stating that Government will continue to work with all local suppliers, wholesalers, and retailers to ensure that any increases are kept to a bare minimum.